HomeMy WebLinkAbout0957 UNIFORM COVENANTS.. Borrower and l..ender covtnant and agree as fo!luws:
l. Paymtst o[ EMnclp~l tad latcnst; Prep~yaxat and Latr Charges. Borrower sfiall promptly pay when due the p~incipai
of anci interest on the debt evidenced by the Note and sny prcpayment and late charge~ due under the iVote.
r~ ~r~Y.~ „~1 tec~,rance, Sub~ect to suplicable !aw or to a written w~wlr ~y l:~nder,-Borrower shali pay to L.ender
on the day monthly payments arc du~ ur~er the Not~, untii the Note is paid in full, a sum ("~u al t twelfth of: (a)
yeariy taxes and assessments which may attain priority over this Security Instrument; (b) yearir Itu~lfiold pay ats r graund nents
~n t~ Pr~~ty, if any: (c) yearly hazard insuras~ premiums: and (d) yearly mortgage iasurance premiums. if any. These items
are called "escrow items." l.ender may estimate tiie Funds due o~ the basis of curr~ent data and reasonable estimates of future escrow
items. '
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The Funds shall be ttetd in an institutiort the deposits or arcounts of which are insured o~ guaranteed by a federal or scate agency ~
(including Lender if l.ender is such an institution). l.ender shall apply the Funds to pay the escrow items. Lende~ may not charge '
for holding and applying the Funds, analyzi~g the account or verifying the escrow items, unless I.ender pays Bonower interest on ~
the Funds and applicable !aw permits Lender to make such a charge. Borrower and l.ender may agrte in writing that in!P~ct shall
be paid on the Funds. Unless an agreement is made or applicabk law requires interest to be paid, L.ender shali not be required to
pay Borrower any interest or oarnings on the Funds. Lender shall give to Borcower. wi~hout charge, an annual accounting of the
Funds showing crodits and debits to thc Funds and the purpose far which each debit to the Funds was macle. The Furtids are piedged
a~ additional socurity for the sums secur+ed by this Socurity [nstrurnent.
, If the amount of the Funds held by l.ender, tczgether with the future monthly payments of Funds payable prio~ to the due dates
of the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shal~ be, at Borrower's option,
either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by L.ender ;
i, not sufticient to pay the escrow items when due. Borrower shall pay to Leader any amount necessary to make up the deficiency ;
in one or more payments as required by Lxnder.
Upon paymeot i~ full of all sum~ secured by this Security Instrument, L.ender shall promptty refund to Borrower any Funds
held by Lender. If under paragraph 19 the Propeny is sold or acquired by Lender, Lender shall apply, no later than immediately ~
prior ro the sale of the Property or its acquisition by C.ender, any Funds held by l.ender at the time of application as a credit againsr ~
the ~ums secured by this Security instrument. }
3. Applicatan of P~tyments. Unless applicable law provides otherwise, all payments received by Lender under parag~aahs ~
! and 2 should be applied: first to amounts payable under paragraph 2; second to interest; and last to principal.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which
may attai~ priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations
in the manner provided in paragraph 2, or if t~ot paid in that manner, Borrower shall pay them on time directly to the person owed
payment. Borrower shall pramptly furnish to Lender all notices of amou~ts to be paid under this paragraph. If Borrower makes these
payments directly, Borrower shalt promptly furnish to Lender receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security lnstrument unless Borrower: (a) agrees in
writing to the payment of the obligation secured by the lien in a manner acceptable to [.ender; (b) cont~sts in good faith the lien
by, or deferxis against enforrement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enf~rcement
of the lien or forfeiture of any part of the Propeny; or (c) secures frpm the holder of the lien an agreement satisfactory to L.ende~
subordinating the lien to this Securiry Instrument. If I.ender determin~s th?! ~qy. part of the Property is subject to a lien which may
attain priority over this Security [nstrument, (xnder may give Borrower a notice identifying the lien. Borrower shall satisfy the lien
or take one or more of the actions set forth above within t0 days of the giving of notice.
' S. Hazard Insur~nce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against
loss by fire, hazards inciuded within the term "extended coverage" and any other hazards for which Lender reyuires insurance. This
insurance shali be maintair~ed in the amounts and for the periais that Lender requires. The insurance carcier providing the insurance
shall be chosen by Borrower subject to I.ender's approval which shall not be unreasonably withheld.
A!! insurance policies and renewals shall be arceptable to l.ender and shal) include a standard mortgage clause. Lender shall
have the right to hold the p~licies and renewals. lf Lencier requires, Borrower shall promptly give to l.ender all receipts of paid premiums
and renewal notices. In the event of loss, Borrawer shall give prompt notice to the insurance carrier and L.ender. Lender may make
proof of lo~s if not made promptly by Borrower.
. Unless Lettder and Borrower otherwise agree in writing, insurance proceeds shali be apptied to resroration or repair of the Pra
perty damaged, if the resturation or repair is economically teasible and Ixnder's security is not lesse+~ed. If the resioration or repair
is not economically feasibte or Lender's security woufd be lessened, the insurance proceeds shall be applied to the sums secured by
this Security Instrumetit, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or dces
not answer within 30 days a notice from I.ender that the insurance carrier has offered to settle a claim, then Lender may collect the
insurance proceeds. L.ender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument,
whether or not then due. The 30-day period will begin when the notice is given.
Unless I.ender and Borrower otherwise agree in writing, any application of proceeds to principal ~hall not extend or postpone ~
the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. !f under paragraph ~
19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property
prior to the acquisition shall pass to i..ender to the extent of the sums secured by this Serurity Ir~strument immediately prior to the
acquisition.
6. Preservatian and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the
Property, allow the Property to deteriorate or cammit waste. [f this Security Instrument is on a leasehold. Borrower shall comply
w;th the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless
Lender agrees to the merger in writing.
7. Protection of Lender's Righks in the Property; Mortgage Insurance. [f Borrower fails to perform the covenants and
agreements contained in this Securiry (nstrument, or there is a legal proceeding tnai may signiticantly affect Lender's rights in the
Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulationsi, then l.ender may do
and pay for whatever is necessary to protect the vatue of the Property and Lender's rights in the Property. lxn~ier's aciions may
include paying any sums secured by a lien which has priority over this Serurity Instrument, appearing in court. paying reasonable
attorneys' fees and entering oo the Property to make repairs. Although Lender may take action under this paragraph 7. Lender dces
ncx have to do so.
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• • ` ' 800K `t~c~ PACE ~cJ~